How does one become a Board of Estimate and Taxation (BET) member?

Each of the two major political parties in Town nominate six candidates. If the candidates are not challenged in a party primary, the candidates' names are placed on the ballot in November and are elected. The party receiving the majority of votes cast for BET candidates assumes the BET chairmanship and vice chairmanship positions.

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1. How does one become a Board of Estimate and Taxation (BET) member?
2. What is the role of the Board of Estimate and Taxation (BET) in Town government?